Cronos Price Analysis: Is CRO Coin on the Verge of a Breakout?
The bulls continue struggling hard as the crypto space has experienced massive turbulence at the start of the month. The cryptocurrency market has managed to level all its losses from the past week’s plunge and has now started to trade sideways, giving signs of stability in the market.
Cronos has repeatedly failed to gain momentum, resulting in its loss of value. The coin has wiped out all its gains from the price surge that took place this year during the month of January. The coin is now trading in a consolidated range of $0.0499 to $0.0523 since mid-August and is predicted to experience price action soon.
The MACD displays a descending green candle in its chart, indicating weak market buying power. Further, the chart displays a bearish convergence, indicating the possibility of a bearish trend in the coming days.
On the other hand, the RSI level can be seen trading close to the midpoint, indicating weak price action for the CRO coin.
If the bulls manage to gain power and push the price above the resistance level of $0.0525, a bullish moment will be initiated in the market. Further, if the coin manages to hold the level, it will prepare to test the upper resistance of $0.0575 by the end of the week.
On the flip side, if the bears continue to dominate the market, the coin will test the support level of $0.0502. Further, if Cronos fails to hold the support level of $0.0499, then the coin will lose momentum and prepare to test its crucial support level of $0.0471 in the coming days.